LRES Corporation, a diversified REO/asset management and valuations company, has signed a definitive agreement to acquire Pennsylvania-based Keystone Asset Management. The deal is expected to be completed September 1, and the joined companies will operate under the LRES Corporation name.
"Keystone has been a well-known and respected player in the REO/asset management business as well as the appraisal and valuation businesses for over twenty years. We know the management team well and have admired their growth, innovation, and resiliency. It was an easy decision to join forces," said Roger Beane, CEO of LRES.
"Roger and I have talked for a long time about finding a way to align forces. LRES brings an additional layer of Tier One delivery capabilities. It is an exciting time for our team."
Ryan Hennessy, CEO of Keystone adds, "Having known the LRES team for many years, I'm extremely excited. The two companies have a lot in common, have had a great working relationship over the years, and present a formidable solution to the REO and valuation ecosystems."
The acquisition of Keystone complements LRES' continued drive to expand its servicing solutions channel and the customers it serves, noted LRES President Mark Johnson.
"Keystone brings with it tremendous talent and technology capabilities. An exciting byproduct of this union is that we now have a talented team located in the Eastern time zone."